Rubicon Pays $154MM to Buy San Mateo Office Asset
San Francisco-based Rubicon Point Partners has acquired the approximately 300,000 square foot San Mateo BayCenter in San Mateo for approximately $154.4 million, or $515 per square foot, according to sources that are aware of the transaction. The buyer declined to discuss the purchase price of the story when contacted.
Rubicon purchased the assets in a joint venture with Canyon Partners Real Estate. The purchase is the partnership’s sixth acquisition through the Canyon Catalyst Fund, the CalPERS real estate emerging manager program, which is managed by Canyon Partners Real Estate, according to a statement from Canyon.
“I think that this property is one of the highest quality office assets in San Mateo. This is with the physical quality of the space itself and its centralized location so that employers can attract new employees from all parts of the San Francisco Bay Area,” says Ani Vartanian Boladian, a managing partner with Rubicon in San Francisco.
The seller of the property was Boston-based The Rockpoint Group. It had sold the asset through NGKF Capital Markets and HFF out of their San Francisco offices. The people involved were Steve Golubchik, Edmund Najera and Ben Bucci at NGKF and Michael Leggett at HFF.
San Mateo BayCenter is located at Baker Way and 901/951 Mariners Island Blvd. The property was 85 percent occupied when the sale was completed. “I would call this a value-add opportunity for our company. There is one major space that is available in the building located at 999 Baker. A tenant recently left the building making this building only 40 percent occupied,” said Vartanian Boladian.
Read the entire “The Registry” article here.
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